Glancy Prongay & Murray LLP Reminds Investors of the Lead Plaintiff Deadline in the Class Action Lawsuit Against Sientra, Inc.
By Business Wire News
By Business Wire News
Glancy Prongay & Murray LLP (“GPM”) reminds investors that a class action complaint has been filed on behalf of a class of Sientra, Inc. (“Sientra” or the “Company”) (Nasdaq: SIEN) investors who purchased shares between March 18, 2015 and September 24, 2015, inclusive (the “Class Period”). Sientra investors have until November 24, 2015 to file a lead plaintiff motion. Investors with losses of over $100,000 are encouraged to contact GPM to discuss their legal rights.
On September 23, 2015, the Company announced the closing of a public offering of 3 million shares of common stock. Then on September 24, 2015, the Company disclosed that the U.K.’s Medicines and Healthcare products Regulatory Agency has suspended distribution of its Silimed products due to issues with a manufacturing facility in Rio de Janeiro, Brazil. On this news, the Company’s shares fell $10.88 per share, or over 52%, to close on September 24, 2015 at $9.70 per share.
The complaint alleges that Sientra, made false and/or misleading statements and/or failed to disclose that: (i) Sientra’s exclusive reliance on Silimed’s Brazilian manufacturing facilities carried significant quality control risks; (ii) the manufacturing processes at the Silimed Rio de Janeiro manufacturing plant were contaminated; and (iii) as a result of the above, the Company’s statements regarding quality control and other financial statements were materially false and misleading at all relevant times.
Subsequently, on October 23, 2015, Sientra disclosed that it was “aware of a fire in one of the two manufacturing buildings at Silimed.” On this news, the Company’s shares fell $1.15, or 20%, to close at $4.47 per share on October 23, 2015, thereby further injuring investors.
If you purchased shares of Sientra during the Class Period you may move the Court no later than November 24, 2015 to request appointment as lead plaintiff. If you purchased Sientra securities during the Class Period, or if you have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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